US apparel and consumer soft goods group Kellwood is to be acquired by Sun Capital Securities Group, LLC for $21 per share in cash. The tender offer and withdrawal rights are scheduled to expire at midnight New York City time, on February 12.

Under the terms of the agreement, Sun Capital will assume control of the Kellwood board upon the completion of the tender offer.

Vice president of Sun Capital, Jason Bernzweig, said: “We are prepared to commit substantial resources beyond the purchase price to build Kellwood’s business, and we will work closely with management and employees at Kellwood to strengthen the company and develop its branded portfolio.”

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